AUSTRALIA: Pod Shuts Down Fire-Damaged Factory

Textile and apparel company Pod Ltd has decided not to reopen its Logan Textiles factory in Brisbane after fire damage closed the facility in October.

Pod said in a statement that although it held comprehensive insurance, it had chosen not to reopen the loss-making plant.

The company, which will be given $A4 million in cash from its insurers next month for inventory, machinery and plant harmed or ruined by the fire, said it didn't forecast any negative financial effects from the factory's closure.

The destroyed building will be rebuilt and sold off along with other leftover assets in the next four to six months.

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